Wheat Prices Drop Amid Russia-Ukraine Peace Talks

Wheat futures fell on Friday as traders monitored diplomatic efforts to end Russia's war with Ukraine. The benchmark wheat contract, CBOT December soft red winter wheat futures, settled 20-1/4 cents lower at $7.34 per bushel.

The decline follows a retreat from a 3-1/2-year high reached earlier in the week, as traders assess the impact of the conflict on grain shipments via the Black Sea. Russian President Vladimir Putin stated that a peace agreement remained possible, sparking caution among market participants.

Reports emerged that U.S. envoys Steve Witkoff and Jared Kushner may visit Russia and Ukraine over the weekend for peace negotiations, but these plans have yet to be finalized due to security concerns. The disruption to Black Sea exports has led Asian wheat importers to buy Australian and Argentine wheat in recent deals.